SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

The following tables show segment results for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30, 2024								Three Months Ended June 30, 2023
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	259,387	$	—	$	5,850	$	265,237	$	236,405	$	—	$	5,364	$	241,769
Noninterest income	22,640		31,000		37,958		91,598		14,089		19,992		32,790		66,871
Total external customer revenues	282,027		31,000		43,808		356,835		250,494		19,992		38,154		308,640
Inter-segment revenues:
Interest income	7,979		386		27,321		35,686		6,725		323		24,948		31,996
Noninterest income	8,488		478		264		9,230		7,261		495		94		7,850
Total inter-segment revenues	16,467		864		27,585		44,916		13,986		818		25,042		39,846
Total revenue	298,494		31,864		71,393		401,751		264,480		20,810		63,196		348,486
External customer expenses:
Interest expense	79,681		—		11,107		90,788		53,962		—		5,965		59,927
Noninterest expenses	110,637		23,942		21,189		155,768		108,147		14,538		18,568		141,253
Provision for credit losses	19,800		—		14		19,814		16,328		—		(498)		15,830
Total external customer expenses	210,118		23,942		32,310		266,370		178,437		14,538		24,035		217,010
Inter-segment expenses:
Interest expense	27,707		4,294		3,685		35,686		25,271		3,851		2,874		31,996
Noninterest expenses	742		1,650		6,838		9,230		589		1,484		5,777		7,850
Total inter-segment expenses	28,449		5,944		10,523		44,916		25,860		5,335		8,651		39,846
Total expenses	238,567		29,886		42,833		311,286		204,297		19,873		32,686		256,856
Income before taxes	$	59,927	$	1,978	$	28,560	$	90,465	$	60,183	$	937	$	30,510	$	91,630
Income tax provision							21,257								23,035
Consolidated net income							69,208								68,595
Net (loss) income attributable to noncontrolling interest							(65)								(83)
Net income attributable to WSFS							$	69,273							$	68,678
Supplemental Information
Capital expenditures for the period ended	$	2,173	$	123	$	428	$	2,724	$	956	$	—	$	—	$	956


	Six Months Ended June 30, 2024								Six Months Ended June 30, 2023
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Income
External customer revenues:
Interest income	$	515,520	$	—	$	11,339	$	526,859	$	457,690	$	—	$	10,462	$	468,152
Noninterest income	38,860		57,350		71,245		167,455		28,239		38,171		63,588		129,998
Total external customer revenues	554,380		57,350		82,584		694,314		485,929		38,171		74,050		598,150
Inter-segment revenues:
Interest income	14,545		826		56,192		71,563		12,824		718		45,675		59,217
Noninterest income	15,761		913		471		17,145		14,161		956		199		15,316
Total inter-segment revenues	30,306		1,739		56,663		88,708		26,985		1,674		45,874		74,533
Total revenue	584,686		59,089		139,247		783,022		512,914		39,845		119,924		672,683
External customer expenses:
Interest expense	154,760		—		22,372		177,132		92,449		—		11,329		103,778
Noninterest expenses	217,269		45,877		41,694		304,840		209,096		28,038		37,164		274,298
Provision for credit losses	34,620		—		332		34,952		44,045		—		796		44,841
Total external customer expenses	406,649		45,877		64,398		516,924		345,590		28,038		49,289		422,917
Inter-segment expenses:
Interest expense	57,018		7,423		7,122		71,563		46,393		7,410		5,414		59,217
Noninterest expenses	1,384		3,059		12,702		17,145		1,155		2,830		11,331		15,316
Total inter-segment expenses	58,402		10,482		19,824		88,708		47,548		10,240		16,745		74,533
Total expenses	465,051		56,359		84,222		605,632		393,138		38,278		66,034		497,450
Income before taxes	$	119,635	$	2,730	$	55,025	$	177,390	$	119,776	$	1,567	$	53,890	$	175,233
Income tax provision							42,459								43,976
Consolidated net income							134,931								131,257
Net income attributable to noncontrolling interest							(103)								175
Net income attributable to WSFS							$	135,034							$	131,082
Supplemental Information
Capital expenditures for the period ended	$	6,393	$	123	$	441	$	6,957	$	1,812	$	—	$	—	$	1,812

The following table shows significant components of segment net assets as of June 30, 2024 and December 31, 2023:


	June 30, 2024								December 31, 2023
(Dollars in thousands)	WSFS Bank		Cash Connect®		Wealth Management		Total		WSFS Bank		Cash Connect®		Wealth Management		Total
Statements of Financial Condition
Cash and cash equivalents	$	609,850	$	371,122	$	40,744	$	1,021,716	$	600,483	$	443,431	$	48,986	$	1,092,900
Goodwill	753,586		—		132,312		885,898		753,586		—		132,312		885,898
Other segment assets	18,393,939		20,302		422,675		18,836,916		18,191,585		15,654		408,635		18,615,874
Total segment assets	$	19,757,375	$	391,424	$	595,731	$	20,744,530	$	19,545,654	$	459,085	$	589,933	$	20,594,672